KOTA KINABALU: Bank Negara Malaysia (BNM) is collaborating with Credit Guarantee Corp Malaysia Bhd (CGC) to develop an online loan platform to facilitate traders in searching and applying for loan packages, said its governor Datuk Seri Muhammad Ibrahim.
He said the platform was expected to be ready at the end of this year and would reduce the cost of information search incurred by the entrepreneurs.
“Studies have shown that entrepreneurs take close to 25 hours to search for information related to financing choices and prepare a proposal to apply for any loan,” he said in his speech at the Sabah Financial Carnival in Kota Kinabalu on Friday.
Also present were Sabah Chief Minister Datuk Seri Panglima Musa Aman, Sabah Deputy Chief Minister Datuk Raymond Tan Shu Kiah and Financial Industry Collective Outreach chairman Tan Sri Azman Hashim.
Muhammad said a financial accelerator lab would also be implemented to provide a speedy and systematic follow-up support to those who failed to get a financing package.
This initiative was important to help them take appropriate action to improve their chances to obtain loans in the future, he said.
The governor said financing alternatives including venture capital and facilities offered by other government agencies continued to support the development in new growth sectors and entrepreneurs who were starting their business.
Towards this end, BNM would continue to cooperate with other agencies such as the Securities Commission and SME Corp Malaysia to develop alternative financing such as factoring, leasing, as well as market-based financing such as crowd-funding and peer-to-peer financing, he said.
These efforts were the continuation of the central bank’s commitment to ensure a conducive economic and monetary policy environment to support business expansion.
“BNM is also cooperating with the industries to expand the long-term contractual micro-savings, especially to meet the needs of the lower-income group,” he said.
Commenting on Sabah’s prospects, Muhammad described the state as having the aspiration to become the gateway for trade, investment and tourism, with strong job opportunities, high-skilled workforce, as well as a community that is united and in harmony.
He said Sabah also showed encouraging development performance with a gross domestic product growth of 6.1% in 2015.
In fact, the non-performing loan rate by entrepreneurs in Sabah was among the lowest in the country, said Muhammad. - Bernama